Industrial

Conor Commercial Begins Development of 349,080 SF Industrial Project in Elgin, Illinois

by Kristin Harlow February 13, 2019

ELGIN, ILL. — Conor Commercial Real Estate and Globe Corp. have begun development of Northwest Pointe III, a two-building industrial project in Elgin. The development will span 349,080 square feet and will be located within the Northwest Corporate Park. The project will feature a clear height of 32 feet, 20 dock doors and two drive-in doors per building. This is the third development by Conor within the park. Ken Franzese and John Cassidy of Lee & Associates will market the property for lease. McShane Construction Co. and Ware Malcomb are providing construction services.

February 13, 2019

Acquisitions Illinois Industrial Midwest

Clear Height Properties Acquires Two-Building Industrial Facility in Carol Stream, Illinois

by Kristin Harlow February 13, 2019

CAROL STREAM, ILL. — Clear Height Properties has acquired a two-building industrial facility in Carol Stream for an undisclosed price. The buildings total 64,285 square feet and are 22 percent leased. Building 130 features one exterior dock and two drive-in doors, while Building 150 offers two exterior docks and three drive-in doors. The buildings, constructed in 1987 and renovated in 2005, sit on 3.8 acres with 157 car parking spaces. Kelly Disser and Michael Freita of NAI Hiffman will market the property for lease.

February 13, 2019

Acquisitions Illinois Industrial Midwest

Brown Commercial Brokers Sale of 46,807 SF Industrial Building in Suburban Chicago

by Kristin Harlow February 13, 2019

ROLLING MEADOWS, ILL. — Brown Commercial Group has brokered the sale of a 46,807-square-foot industrial building in the northwest Chicago suburb of Rolling Meadows. The sales price was not disclosed. The transaction was a partial sale-leaseback, as the seller, HK&RP LLC will continue to occupy about 27,000 square feet of the building. The buyer, Alliance Moving and Storage, will occupy the remainder of the building and relocate from its space in Elk Grove Village. Dan Brown of Brown Commercial represented the seller, while Jim Pietrarosso of Brown Commercial represented the buyer.

February 13, 2019

Acquisitions California Industrial Western

CapRock Partners Sells 97,000 SF Industrial Warehouse in Commerce, California

by Amy Works February 13, 2019

COMMERCE, CALIF. — CapRock Partners has completed the sale of an industrial warehouse in Commerce. The tenant, a packaging solutions supplier, acquired the building and a 4.3-acre property for an undisclosed price. Located at 5331 and 5333 Slauson Ave., the asset features 97,000 square feet of industrial space. Ryan Campbell of NAI Capital and Tony Naples of Lee & Associates represented the seller, while Naples also represented the buyer in the deal.

February 13, 2019

Industrial Market Reports Massachusetts Northeast Northeast Market Reports

Boston Industrial Market Continues Hot Streak

by David Cohen February 13, 2019

Greater Boston’s industrial market continued its hot streak in 2018. Positive net absorption of 350,000 square feet in 2018 marked the eighth straight year of gains. Vacancies, which ended the year at 10.1 percent, have halved since peaking at the end of 2010. Over this time, the market absorbed 17.5 million square feet and is now poised for continued growth. Tenant demand remains strong and some of the larger tenants in the market— Albertsons, Premier Distribution, Trimark, Jofran, Amazon, Wayfair, and Harte Hanks— are seeking a total of 3.5 million square feet of space. Rents are at record highs, in aggregate topping $9.50 per square foot triple-net, which factors in a space-weighted asking rent on available product. Tenants looking for product in the Urban markets are seeing rents at or above $20 per square foot triple-net, while new product in the South and West is into the $7 per square foot triple-net range. Cheaper space can still be found, but landlords have never seen a stronger rental market. Absorption Slows Despite the gains, absorption was held back by several large blocks of space coming onto the market throughout 2018. The closing of the Necco factory in Revere opened up more …

February 13, 2019

Development Industrial Texas

Hillwood to Develop Three New Spec Buildings Totaling 1.5 MSF at AllianceTexas

by Taylor Williams February 12, 2019

FORT WORTH, TEXAS — Hillwood will develop three buildings totaling approximately 1.5 million square feet on its AllianceTexas campus in Fort Worth. Two buildings (Buildings 4 and 5) will be developed on the Alliance Northport campus and one will be developed on the Alliance Westport campus. Hillwood expects to break ground on the new buildings, which are being developed on a speculative basis, in March and to complete them during the fourth quarter. RGA Architects designed the Northport buildings and GDA Architects designed the Westport building. Inwood Bank and Simmons Bank provided construction financing for Buildings 4 and 5, respectively, at Northport, while Bank of America originated construction financing for the Westport property.

February 12, 2019

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Negotiates Sale of Newly Built, 14,000 SF Industrial Asset in Houston

by Taylor Williams February 12, 2019

HOUSTON — Lee & Associates has negotiated the sale of a 14,000-square-foot industrial asset located at 6635 Theall Road in Houston. According to LoopNet Inc., the single-tenant property was built in 2017 and features 28-foot clear heights. Robert McGee, Thomas Leger and Chase Cribbs of Lee & Associates represented the seller, Axis Texas Development Group LLC, in the transaction. Clint Hankla, also with Lee & Associates, represented the buyer, CCIRF LLC.

February 12, 2019

Arizona Development Industrial Market Reports Western Western Market Reports

Phoenix Is Defined by Land, Labor, Logistics

by Taylor Williams February 12, 2019

Phoenix has long enjoyed the benefits of land, labor and logistics. In today’s ecommerce-driven market, however, those benefits are propelling the Valley’s industrial activity, and opportunity, to new heights. The region has absorbed more than 5.8 million square feet of industrial space year-to-date. It has also welcomed almost 5 million square feet of new industrial construction, while industrial vacancy rates still sit below 7 percent — their lowest levels in 12 years. Some of this activity can be credited to the price and availability of our land. This typically involves large parcels in the West Valley within close proximity to freeways that are often available at $5 per square foot to $6 per square foot. This is attracting tremendous big box interest, particularly in the Southwest Valley submarket where much of the metro’s more than 5.7 million square feet of new construction is occurring. Lincoln Property Company delivered one of the largest of these developments this past December: the $85 million, 901,700-square-foot Lincoln Logistics Center 40. Underscoring high confidence in the industrial sector, Lincoln Logistics 40 was developed fully speculative with amenities that target ecommerce and logistics-focused users. Among these are 40’ clear height ceilings, sophisticated cross-dock configuration, and extensive …

February 12, 2019

Development Industrial Texas

Tailwind Real Estate Equities to Develop 132,000 SF Warehouse in Laredo

by Taylor Williams February 11, 2019

LAREDO, TEXAS — An affiliate of Fort Worth-based Tailwind Real Estate Equities LLC has acquired 10.5 acres in the south Texas city of Laredo for the development of a 132,000-square-foot warehouse. Building features will include 32-foot clear heights, 46 dock doors, administrative/office space and 76 trailer parking spaces. The development team includes Dallas-based Gulf Corp. USA and Laredo-based Park Avenue Construction. Completion is scheduled for early 2020.

February 11, 2019

Indiana Industrial Leasing Activity Midwest

LifeNet Health Signs 68,175 SF Industrial Lease in Indianapolis

by Kristin Harlow February 11, 2019

INDIANAPOLIS — LifeNet Health has signed a 68,175-square-foot industrial lease at the Gateway V distribution center in Indianapolis. HSA Commercial Real Estate is developing the 262,758-square-foot speculative facility, which is scheduled for completion this month. LifeNet Health, a provider of transplant solutions, will take occupancy in July. The building features a clear height of 32 feet, 30 truck docks, four drive-in doors, 185 parking stalls and 70 trailer positions. Terry Busch and Jared Scaringe of CBRE represented ownership in the lease transaction.

February 11, 2019

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